Welcome to QuickBooks, Work4! I'm so glad you've joined the Intuit family and are setting up your new QBO account.
As a new user, asking important foundational questions like this is exactly the right thing to do. I'd be glad to help you get started on the right foot and provide details on the differences between a checking account and a cash-on-hand account.
Each account in the Chart of Accounts has a distinct purpose. A Checking Account reflects the funds that you have in your checking account at a bank. These funds are readily available and can be accessed immediately through writing a check or using a debit card.
On the other hand, a Cash on Hand account refers to the actual physical currency and coins that a company has available in your possession. This includes cash that is on the premises, like in a cash register or petty cash fund and is generally used for minor daily expenses.
In summary, the checking account represents funds in a bank account that can be accessed through checks or electronic transfers, while cash on hand represents physical currency and coins available on your company's premises for immediate use.
Allow me to provide you with these articles that offer more detailed information and guidance on setting up accounts in QBO:
In addition to the overview I provided, I wanted to share this helpful guide that walks through getting started and adjusting settings in a new QuickBooks Online account: Get Started And Adjust Settings After You Sign Up For QuickBooks Online.
This covers many important basics like adding your business info, setting up accounts, customizing invoices, configuring users/permissions, integrating apps, and more.
Let me know if you need more guidance when setting up your business and bookkeeping in QBO, Work4. I want to make sure you have all the resources and knowledge needed to get your QuickBooks Online account established smoothly and start leveraging it effectively right away.
